Bhutan Economy - 2024

Economic overview

hydropower investments spurring economic development; Gross National Happiness economy; sharp poverty declines; low inflation; strong monetary and fiscal policies; stable currency; fairly resilient response to COVID-19; key economic and strategic relations with India; climate vulnerabilities

Real GDP (purchasing power parity)

$8.481 billion (2021 est.)
$8.148 billion (2020 est.)
$9.054 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.09% (2021 est.)
-10.01% (2020 est.)
5.76% (2019 est.)

Real GDP per capita

$10,900 (2021 est.)
$10,500 (2020 est.)
$11,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$2.405 billion (2017 est.)

Inflation rate (consumer prices)

7.35% (2021 est.)
5.63% (2020 est.)
2.73% (2019 est.)

GDP - composition, by sector of origin

agriculture: 16.2% (2017 est.)

industry: 41.8% (2017 est.)

services: 42% (2017 est.)

GDP - composition, by end use

household consumption: 58% (2017 est.)

government consumption: 16.8% (2017 est.)

investment in fixed capital: 47.2% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 26% (2017 est.)

imports of goods and services: -48% (2017 est.)

Agricultural products

milk, rice, maize, potatoes, roots/tubers, oranges, areca nuts, chillies/peppers, spices, ginger

Industries

cement, wood products, processed fruits, alcoholic beverages, calcium carbide, tourism

Industrial production growth rate

1.96% (2021 est.)

Labor force

361,000 (2021 est.)

note: major shortage of skilled labor

Unemployment rate

4.33% (2021 est.)
3.65% (2020 est.)
2.5% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.8% (2021 est.)

male: 15.6%

female: 22%

Population below poverty line

8.2% (2017 est.)

Gini Index coefficient - distribution of family income

37.4 (2017 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 30.6% (2012)

Remittances

3.59% of GDP (2020 est.)
2.23% of GDP (2019 est.)
2.38% of GDP (2018 est.)

Budget

revenues: $710 million (2020 est.)

expenditures: $777 million (2020 est.)

note: the Government of India finances nearly one-quarter of Bhutan's budget expenditures

Budget surplus (+) or deficit (-)

-3.4% (of GDP) (2017 est.)

Public debt

117.33% of GDP (2020 est.)
97.49% of GDP (2019 est.)
101.19% of GDP (2018 est.)

Taxes and other revenues

12.98% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

-$321.535 million (2021 est.)
-$381.153 million (2020 est.)
-$500.802 million (2019 est.)

Exports

$741.602 million (2021 est.)
$786.681 million (2020 est.)
$777.529 million (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

India 94% (2019)

Exports - commodities

iron alloys, dolomite, aircraft, cement, gypsum (2021)

Imports

$1.027 billion (2021 est.) note: data are in current year dollars
$1.188 billion (2020 est.) note: data are in current year dollars
$1.23 billion (2019 est.) note: data are in current year dollars

Imports - partners

India 85%, Thailand 5% (2019)

Imports - commodities

refined petroleum, iron products, delivery trucks, cars, wood charcoal (2019)

Reserves of foreign exchange and gold

$1.056 billion (31 December 2021 est.)
$1.473 billion (31 December 2020 est.)
$1.238 billion (31 December 2019 est.)

Debt - external

$2.671 billion (31 December 2017 est.)
$2.355 billion (31 December 2016 est.)

Exchange rates

ngultrum (BTN) per US dollar -

Exchange rates:
73.939 (2021 est.)
74.1 (2020 est.)
70.42 (2019 est.)
68.389 (2018 est.)
65.122 (2017 est.)